Takeover latest: Ellis & Whyte in Scotland for MIH talks

[bmck 117]

Calling NL.

 

Whyte is one of us though, or so we're lead to believe. Ellis is intent on owning a big club and due to our current financial predicament, he thinks he can massage his ego and make easy cash. A basic macro-environment analysis seems lost on Ellis!

 

Although I think the buy on fear sell on greed maxim applies especially to property, it's just the bold bit that bothers me. I don't see Whyte being duped by a less succesful businessman. I 100% understand this from Ellis' perspective, why he would need Whyte, but not why Whyte would need Ellis.

[pete 2,499]

Ellis has already done his homework and got Whyte interested in the possibilities. i.e. Building, plant hire all the industries they are both fishing in.

[ian1964 10,411]

CRAIG WHYTE is on his way to Scotland for D-Day talks with Sir David Murray on his plans to buy out Rangers.

 

Record Sport has learned that the final round of discussions - which will make or break Whyte's s32.5million bid - will take place within the next week.

 

And anxious fans, who have been waiting more than two years for a saviour, will finally be told if a new owner has been secured. Whyte will be accompanied at the talks by London-based proper t y developer Andrew Ellis who teamed up in a consortium with the self-made billionaire after trying and failing to go it alone in takeover negotiations with Murray earlier this year.

 

Ellis revealed in Record Sport last week both he and Whyte had hoped to visit Ibrox for the Champions League clash with Manchester United only to be ordered to stay away at the 11th hour.

 

Now the pair are heading over the border in a bid to complete their deal to buy Murray's controlling share.

 

A source close to the Whyte-Ellis camp said: "It looks as if we are entering the end game now. Craig and And r ew wi l l be up i n Scotland very soon and after this final meeting with Sir David we will all know what the future holds for Rangers.

 

"The hope on all sides is they'll reach broad agreement to press ahead with the deal. There wi l l either be an announcement to declare 'peace in our time' or one to say the takeover is off. It is all coming to the boil at last."

 

Under the proposals, Whyte would take on 75 per cent ownership with Ellis paying around s6million for a 25 per cent stake.

 

The pair are pledging to wipe out the club's s27m debt and pay another s5.5m to shareholders - around s4.6m of which will go to Murray.

 

Murray has maintained all along he will only do business with people who have the club's best interest at heart and the funds to take it forward.

 

And he insists no deal will be done unless Whyte and Ellis guarantee to pump no less than s5m a year over the next five years into a transfer kitty.

[ascender 352]

la la la la la, not listening......

 

We don't know anything. The papers don't know anything. They're just printing and regurgitating the same old stuff and its good to see that stand up guy "source" raising his head again. I'm only waiting for word from his friend "insider" before I crack open the champagne.

 

It had all gone a bit quiet there for 10 days or so, just how I hope it stays until this either goes through or SDM chases them to the hills with a pitchfork.

[maineflyer 0]

I tell you, that whole issue worries me intensely. There is no way in this polarised wee county that Rangers or anyone in a position of influence at Rangers will ever be allowed to benefit from any re-development deal without every inch of compromise being wrung from the club by the highly motivated Rangers-haters who control the political and contractual access. It would not surprise me at all to find out that the silent capitulation by Murray and his club in the face of demented attacks these last ten years is entirely down to courting GCC on the prospect of this very deal. Yes, I do believe they are that intent on diminishing what Rangers stands (stood) for.

Edited December 1, 2010 by maineflyer

[Frankie 8,150]

SSN Update 03/12/10:

 

Whyte consortium pictured in Glasgow for meeting with MIH and Rangers representatives.

Edited December 3, 2010 by Frankie

[Stimpy 0]

Although I think the buy on fear sell on greed maxim applies especially to property, it's just the bold bit that bothers me. I don't see Whyte being duped by a less succesful businessman. I 100% understand this from Ellis' perspective, why he would need Whyte, but not why Whyte would need Ellis.

 

Eventually we'll find out his own motives for owning Rangers, and if it is asset stripping, like loans against Ibrox, we may see many men in royal blue chain themselves to the blue gates of Ibrox.

 

He's obviously here to make money but as long as we see a tasty slice of the pie, I have no issues with him. Unless he dares to put up Ibrox as security!

[craig 5,195]

OK, so if we ASSUME this is happening what do we think of the 5 mill a year for 5 years aspect ? There are a couple of things in this regard

 

1. What is in that type of clause for Whyte other than giving us a better chance of winning the SPL. Spend 5 mill a year for 5 years and we will likely lose money over that term.

2. From our perspective would we want them to spend the 5 mill per year for 5 years on players ? Personally I would like to see some of that cash earmarked to at least undertake the maintenance that the stadium badly needs. Ibrox has went downhill aesthetically and rapidly - they need to spend money on repairing (or removing) the big screens, they need to give the whole stadium a lick of paint and they need to do general repairs too. I hate the fact that our beloved club's stadium is starting to look very worn.

 

I wont believe any of this until it has been officially confirmed.

 

Also disappointed that Ellis is still part of the "consortium" as I have little trust in him. Not that I know enough about Whyte to suggest that he is any better mind you. Also, is Whyte really a billionaire ? He may have a billion in assets but if he has 950 mill in mortgages, credit facilities and loans to support that then he is hardly a billionaire is he.....

[Stimpy 0]

In response to Craig's last post in the closed thread: When 'rich lists' are compiled are they on the cash in the bank or assets, or both?

[Frankie 8,150]

Fact is Craig until we know the finer details we can simply can't do anything other than guess at their intentions...

 

�£5million per year transfer budget sounds good to me but where does this come from?